(16 June 2026 – China) A blockchain-based cross-border payments platform backed by multiple central banks is approaching commercial launch, with preparations described as “advanced” and fees projected at half those of conventional systems such as Swift.
The mBridge platform counts the central banks of China, Hong Kong, Thailand, the United Arab Emirates, and Saudi Arabia among its backers. Originally conceived as a bilateral initiative between the Hong Kong and Thai central banks, the project expanded in 2021 to include China, Dubai, and the UAE under a Bank for International Settlements (BIS) initiative.
The platform was designed as a multi-central bank digital currency (CBDC) infrastructure, shared among participating central and commercial banks and built on distributed ledger technology (DLT) to enable instant cross-border settlement.
In 2024, the BIS transferred stewardship of the project to its member central banks, with Beijing taking the lead. The FT reported at the time that the move occurred under US pressure – something the BIS denied.
The strategic implications of mBridge extend beyond payments efficiency. The platform is seen as a mechanism for reducing member nations’ dependence on the US dollar and deepening China’s economic ties with its Belt and Road trading partners. It would also complement Cips – China’s renminbi-denominated Swift alternative – which has recorded a significant uptick in usage following the Iran conflict, further reinforcing the digital renminbi’s international footprint.